Are you about to purchase your first investment property?
Gather as much data as possible before making an informed decision.
For example, industry studies reveal that 44% of landlords prefer to hire property management companies. Expect this number to grow as investment real estate portfolios expand.
While hiring a property manager may seem like just another expense at first glance, it's the most valuable investment you can make as a landlord. You'll see an immediate decrease in tenant turnover rates and sharp increases in profits.
Rental property inspections by property managers are just one strategy for attracting long-term tenants and securing lease renewals.
Learn more about routine rental inspections.
When to Conduct a Property Inspection
When is the best time to schedule a property inspection?
After purchasing a property, book routine rental inspections to take inventory of the property's features and appliances. Start by creating a landlord inspection checklist, including both interior and exterior elements. Renters will often conduct a move-in inspection, as well.
Inspection checklist items to include:
- Roofing and siding (and chimneys)
- Window and door treatments
- Landscaping (and curb appeal)
- Driveway and parking (and garages)
- HVAC systems
- Kitchen Appliances
- Wall treatments
- Insulation
- Flooring
- Electrical wiring
- Plumbing
Make sure the above elements are up to date and up to code. If you see any chipping or peeling paint, for example, make a note of it on your checklist so that you can book a house painter.
Roofing should also be inspected periodically for storm damage and loose shingles. Leaks can quickly lead to costly interior water damage and even more expensive mold issues. Mold is also a leading cause of indoor air pollution and related conditions like fatigue and respiratory illness.
Reaching the End of a Lifespan?
Key building materials and appliances, including your roof and HVAC system, have a lifespan. Ideally, you'll want to replace these features before they wear out. By the end, you would've spent even more money on repairs like roof patches and partial replacements or new HVAC cooling coils.
Refer to your manuals. Depending on the roof's material, most roofs can last between 20 to 50 years:
- Asphalt shingle roofs last up to 20 years on average
- Wood shake roofing has a lifespan of 30 years
- Tiles, slate, and copper can last up to 50 years
Your property manager will know the exact state of your investment property's roof and when to replace it. The same applies to HVAC and plumbing systems; a heating and cooling system can last up to 25 years with proper maintenance.
A property manager will replace your HVAC system accordingly to avoid rising energy bills due to overworked parts. It's also their job to ensure all major kitchen appliances, like refrigerators, stoves, and dishwashers, are up to date.
Invest In Thorough Rental Property Inspections
Follow a strict inspection process for rentals if you want to get the most bang for your buck. Uncovering (and fixing) issues before they get worse is critical for profits and tenant experiences.
Trust an experienced property manager from PMI Bear Creek with your rental property inspections. We're a locally-owned firm committed to growing Houston's real estate industry. As part of a nationwide franchise with over 20 years in the industry, you can expect excellence.
Schedule a consultation or rental analysis to learn more about the potential of your investment property.
